Tata Sponge Q3 consolidated net profit falls 25.5% to Rs 26.81 crore

Tata Sponge Iron on Saturday reported a 25.5 per cent drop in consolidated net profit at Rs 26.81 crore for the December 2018 quarter.

The company had posted a profit of Rs 36 crore in the corresponding quarter of previous fiscal, Tata Sponge Iron Ltd said in a BSE filing.

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However, the firm's total income rose 22.4 per cent to Rs 276.8 crore in October-December 2018 from Rs 226.12 crore in the year-ago period.

The group is engaged in production of sponge iron and generation of power from waste heat.

The filing added that on September 22, 2018, Tata Steel Ltd (parent company) had executed a business transfer agreement for the acquisition of the steel business of Usha Martin Ltd (UML) through a slump sale on a going concern basis.

"The acquisition was subsequently novated in favour of the company, which is subsequently approved by the shareholders. The closing of the acquisition remains subject to execution/fulfilment of relevant condition precedents to the agreement between the company and UML, required for the transfer of the steel business," it added.